Hi Tickety Boo,
Its only the amount that you transfer into pension phase that is counted towards the cap. Its actually called the transfer balance cap, and currently sits at $1.7m.
Any growth of assets in pension phase does not count towards the cap.
EG... You transfer $1m into pension phase. It grows to $1.5m due to shrewd investing. You've still only used up $1m of your transfer balance cap.
Cheers!
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